If you have ever had to move, been in-between homes, downsize or just require additional storage for your things, chances are you may have rented a storage unit.Storage units come in a variety of shapes and sizes and are typically rented out on a monthly basis.
If you're planning a move and temporarily storing your belongings outside of your home, the contents portion of your existing home insurance will typically cover your items at no charge for up to 90 days. The duration of coverage and contents value vary based on your home insurance policy conditions and exclusions. To confirm your current policy time limits for belongings in storage and ensure you have enough protection, contact your BrokerLink broker.
What does storage unit insurance cover?
If you have a storage unit, you may be wondering what storage unit insurance covers. Take a closer look below:
Contents in storage coverage
What if you had to move your belongings into a storage facility for an extended period of time beyond three months? How would you keep your valuables protected in case of damage or theft?
Storage facilities are responsible for keeping the building and unit secure but are generally not responsible for the contents of the storage units. For example, if a fire broke out at a storage facility, the loss of contents within the storage unit would be the responsibility of the individual renter and not the facility.
Given the time, money and effort you’ve taken to store your items, you want peace of mind knowing your valuables are kept safe. That’s why getting contents in storage insurance is a good idea. There are several specialty insurance providers in Canada that offer unique coverage for contents in storage. These stand-alone insurance policies usually offer all risk, replacement cost coverage for personal goods stored in a reputable storage facility. This type of coverage is ideal for temporary storage of your belongings during transitional times and for longer term storage of excess household items.
Policy terms can range from 1 month to upwards of 12 months, with extensions or renewals available with contents values ranging from $5,000 to $800,000. In the event you would need to file a claim, your contents in storage policy protects any effect on your home insurance premium as it is a separate policy.
What to look for in a storage facility?
Not all self-storage facilities are created equal. When selecting a facility to store your personal belongings, it’s always best to go with a reputable facility. Here are a few things to consider when making your decision:
Security features
When choosing a storage unit, it's crucial to consider its security features to ensure your belongings are protected. Prioritizing the following questions can provide peace of mind that your possessions are secure:
- What security measures are in place?
- What types of locks are used, and what type of alarm system is installed?
- Is there 24-hour video surveillance of the premises?
- Does the facility keep a daily record of who accesses the facilities and at what times of day?
Accessibility
When choosing a storage unit, flexibility is key to meeting your unique needs. Consider the following questions in mind to ensure the storage solution you choose can adapt to your changing requirements, providing you with convenience and peace of mind:
- If you need to retrieve your belongings in storage, how accessible and convenient is it for you?
- Do you need to call in advance? Or are you able to access your storage unit at any time?
Location
Location is another crucial factor when selecting a storage unit. Consider the following questions to ensure you find the storage facility that best suits your needs:
- Is the storage unit situated in a safe location?
- Is it within a flood zone? Is it on a hill? Or is it away from areas that could be impacted by severe weather?
Maintenance
Maintenance is an important aspect to consider when choosing a storage unit. A well-maintained facility ensures your belongings remain in good condition. Keeping these followong questions in mind will help you choose a storage unit that offers a safe and well-maintained environment for your possessions:
- Is the self-storage facility well-maintained and clean?
- Remember that dust, moisture, or mildew could potentially damage your belongings.
Climate control
Climate control is a vital feature to consider when selecting a storage unit. It's important to consider the following questions when selecting the right storage unit for you:
- Does the storage unit use heat and air conditioning to keep a consistent climate in the building? Many storage facilities do, but not all.
- Changes in temperature and humidity can easily damage items like fabrics and wooden furniture.
The storage unit building
When choosing a storage unit, the building's condition and features are crucial. Consider the following questions to ensure you select the best option:
- What is the structure of the building made from, and is it structurally sound?
- Is the self-storage facility gated?
User reviews
User reviews are invaluable when selecting a storage unit. They provide firsthand insights into the experiences of past customers, highlighting the facility’s strengths and potential issues. For these reasons, you should consider the following questions:
- Are there online reviews from storage users detailing their experience with the storage unit company? If so, this might highlight any potential problems.
Am I covered if I use a storage container?
In some instances, like a renovation or move, you may choose to have a portable storage container delivered and kept in your driveway or property. In the event of an incident, your personal property inside the storage pod would be covered by your home insurance as long as the container is located on your property. If you choose to use a company that comes and picks up the container and transports it to a separate location for storage, you will require storage insurance for your stored goods.
Does my tenant insurance policy cover self-storage units?
Some tenant and renters insurance may cover off premises belongings, however it depends on your individual policy. When you go to purchase coverage, make sure to ask your insurance company about what your specific policy covers.
This can help you get a better idea about whether your stored belongings have coverage, or whether additional coverage is needed. Even if you do have coverage under your tenant insurance, it may not be enough coverage. Consider the value of your stored property and think about whether you want to purchase added protection plans for your storage unit.
Contact BrokerLink today!
Protect the things you love by seeking professional insurance advice from your BrokerLink broker. We’ll help ensure everything you need is covered, whether it’s in or outside your home in a storage unit. Contact BrokerLink for more information regarding storage unit insurance and protect your interests and belongings from theft and other claims today!
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Storage unit insurance FAQs
Do I need a storage unit policy if I already have business insurance coverage?
If your storage units are located at a different location that is separate from your commercial property, you will need a separate policy that specifically provides coverage for your storage unit.
To find the right insurance policy for your business, we suggest speaking with your insurance company or an insurance broker to ensure the items you have in your storage unit are covered.
Remember, risk management importance for businesses is invaluable when it comes to insurance coverage. So, ensuring you're protected at all costs from theft, damage, and other claims is essential.
If you have any questions, contact one of our local branches.
